We studied chapter 9 this last week and it was about product concepts, the professor had assigned the chapter to be read, along with having 3 other articles to read. It all became very confusing by the end of the week. But I managed to make my way through it.
Some of the main concepts we covered where:
-what is a product? Product is the starting point of marketing mix. The 4 p’s Product, Price, Promotion, and Place
-The different types of products: Business product (A product used to manufacture other goods or services, to facilitate and organization’s operations or to resell to other consumers.) and Consumer Product (A product bought to satisfy an individual’s personal need or wants.)
-The types of consumer products
-we also learned about Product items, product line, and product mix
This week we also learned about Brand (a name, Term, symbol, design, or combination there of that identifies a seller’s products and differentiates them from competitors’ products.) and the different kinds of brands
We also learned about Packaging that is meant to: Contain and protect, promote, facilitate storage, use, and convenience along with facilitate recycling. Then we focused on labels and there usefulness.
And finally we learned about product warranties and the different types of warranties.
All in all I think the most important part we learned this week is that on your product the most important thing is the label and packaging. On the label you have your brand and trademark along with any extra warranty. So I feel the most important part is the label.
(these pictures and information came form the textbook listed previously of MKTG by Lamb, Hair and McDaniel.)
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